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Annual Notice of Securities Sold Pursuant to Rule 24F - 2
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 24F - 2
Annual Notice of Securities Sold
Pursuant to Rule 24F - 2
Read instructions at end of Form before preparing Form.
Please print or type.
________________________________________________________________________________
1. Name and address of issuer:
SEPARATE ACCOUNT OF USAA LIFE INSURANCE COMPANY
________________________________________________________________________________
2. Name of each series or class of funds for which this notice is filed:
USAA LIFE VARIABLE ANNUITY MONEY MARKET FUND ACCOUNT
USAA LIFE VARIABLE ANNUITY INCOME FUND ACCOUNT
USAA LIFE VARIABLE ANNUITY GROWTH AND INCOME FUND ACCOUNT
USAA LIFE VARIABLE ANNUITY WORLD GROWTH FUND ACCOUNT
USAA LIFE VARIABLE ANNUITY DIVERSIFIED ASSETS FUND ACCOUNT
SCUDDER CAPITAL GROWTH PORTFOLIO FUND ACCOUNT
ALGER AMERICAN GROWTH PORTFOLIO FUND ACCOUNT
________________________________________________________________________________
3. Investment Company Act File Number:
811-8670
Securities Act File Number:
33-82268
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4. Last day of fiscal year for which this notice is filed:
DECEMBER 31, 1996
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5. Check box if this notice is being filed more than 180 days after the close
of the issuer's fiscal year for purposes of reporting securities sold after
the close of the fiscal year but before termination of the issuer's 24f-2
declaration: [ ]
________________________________________________________________________________
6. Date of termination of issuer's declaration under rule 24f-2(a)(1), if
applicable (see Instruction A.6): N/A
________________________________________________________________________________
7. Number and amount of securities of the same class or series which had been
registered under the Securities Act of 1933 other than pursuant to rule 24f-
2 in a prior fiscal year, but which remained unsold at the beginning of the
fiscal year:
0
________________________________________________________________________________
8. Number and amount of securities registered during the fiscal year other than
pursuant to rule 24f-2:
0
________________________________________________________________________________
9. Number and aggregate sale price of securities sold during the fiscal year:
NUMBER: 66,046,359
SALE PRICE: $136,279,276
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________________________________________________________________________________
10. Number and aggregate sale price of securities sold during the fiscal year
in reliance upon registration pursuant to rule 24f-2:
NUMBER: 66,046,359
SALE PRICE: $136,279,276
________________________________________________________________________________
11. Number and aggregate sale price of securities issued during the fiscal year
in connection with dividend reinvestment plans, if applicable (see
Instruction B.7):
NUMBER: 0.00
SALE PRICE: $0
________________________________________________________________________________
12. Calculation of registration fee:
(i) Aggregate sale price of securities sold during the fiscal year in
reliance on rule 24f-2 (from Item 10):
$136,279,276
(ii) Aggregate price of share issued in connection with dividend reinvestment
plans (from Item 11, if applicable):
+ $0
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(iii) Aggregate price of shares redeemed or repurchased during the fiscal year
(if applicable):
-($71,932,380)
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(iv) Aggregate price of shares redeemed or repurchased and previously applied
as a reduction to filing fees pursuant to rule 24e-2 (if applicable):
+ $0
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(v) Net aggregate price of securities sold and issued during the fiscal year
in reliance on rule 24f-2 [line (i), plus line (ii), less line (iii),
plus line (iv)] (if applicable):"
$64,346,896
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(vi) Multiplier prescribed by Section 6(b) of the Securities Act of 1933 or
other applicable law or regulation (see Instruction C.6): x 1/33 of 1%
0.0003030303
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(vii) Fee due [line (i) or line (v) multiplied by line (vi)]:
$19,499.06
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INSTRUCTION: Issuers should complete lines (ii), (iii), (iv), and (v) only if
the form is being filed within 60 days after the close of the
issuer's fiscal year. See Instruction C.3.
________________________________________________________________________________
13. Check box if fees are being remitted to the Commission's lockbox depository
as described in section 3a of the Commission's Rules of Informal and Other
Procedures (17 CFR 202.3a).
[X]
Date of mailing or wire transfer of filing fees to the Commission's lockbox
depository:
________________________________________________________________________________
SIGNATURES
This report has been signed below by the following persons on behalf of the
issuer and the capacities and on the dates indicated.
By (Signature and Title)*/s/ Ed Rosane
_____________________________________________
Edwin L. Rosane, President
_____________________________________________
Date 2/26/97
___________
*Please print the name and title of the signing officer below the signature.
________________________________________________________________________________
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[USAA LOGO APPEARS HERE]
February 26, 1997
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
RE: Rule 24f-2 Notice for the Separate Account of USAA Life Insurance
Company 1933 Act File No. 33-82268
Gentlemen:
As legal counsel to USAA Life Insurance Company (the "Company") and the Separate
Account of the USAA Life Insurance Company (the "Separate Account"), I have been
requested to render this opinion in connection with the filing by the Separate
Account of a Rule 24f-2 Notice (the "Notice") with respect to its fiscal year
ended December 31, 1996.
Reference is made to paragraph 9 of the Notice wherein the Separate Account
reports the number of units (the "Units") representing interests in the Separate
Account sold during the fiscal year ended December 31, 1996, in reliance upon
Rule 24f-2 under the Investment Company Act of 1940, as amended.
I have examined the Company's Articles of Incorporation dated June 24, 1963, as
amended; the Company's by-laws, as amended; the resolution adopted by the
Company's directors establishing the Separate Account; the Notice; and such
other documents as I deemed necessary for purposes of rendering this opinion.
Based upon the foregoing, and assuming that all of the Units were sold, issued,
and paid for in accordance with the terms of the Separate Account's Prospectus
and Statement of Additional Information contained in the Separate Account's
Registration Statement on Form N-4 in effect at the time of sale, in my opinion,
the Units were legally issued and are fully paid and non-assessible.
Sincerely,
/s/ Dwain A. Akins
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DWAIN A. AKINS
Assistant Vice President
& Managing Attorney
9800 Fredericksburg Road San Antonio, Texas 78288 1-800-531-8000
in San Antonio 498-8000
